MTN Uganda has announced a strong financial performance in the first half of 2025, showing double-digit growth in revenue despite a dip in profit due to a significant one-off tax settlement with the Uganda Revenue Authority (URA).
The telecom giant reported that its total service revenue rose by 13.3% year-on-year to UShs 1.705 trillion, while total revenue increased by 13.1% to UShs 1.722 trillion. The growth was largely driven by the continued rise in data and fintech services, which have become key pillars of MTN Uganda’s operations.
Data revenue grew by an impressive 31.3% to UShs 490.2 billion, supported by a 23.4% increase in active data subscribers to 10.8 million. Data traffic surged by 42.6% within the period, showing strong demand for internet services as more Ugandans turn to mobile connectivity for work, education, and entertainment.
The company’s fintech business also posted strong numbers, with revenue climbing 18.6% to UShs 524.6 billion. This was powered by a 20.3% rise in transaction volumes and a 28.7% increase in transaction value to UShs 89.3 trillion, reflecting higher adoption of mobile money and digital financial services across Uganda.
However, despite the revenue boost, MTN Uganda’s profit after tax fell by 9.7% to UShs 267.0 billion. The decline was mainly caused by a one-off payment of UShs 110.9 billion to URA to settle tax obligations covering the period from 2012 to 2024. Without this exceptional item, the underlying profit after tax would have risen by 27.8% to UShs 377.9 billion, thanks to strong operational results and cost control measures.
Voice revenue remained relatively stable at UShs 629.0 billion, a marginal increase of 0.4% from the previous year. Outgoing voice usage went up by 4.7%, but lower mobile termination rates reduced the income from incoming calls.
The company also posted a robust 17.8% growth in EBITDA, which reached UShs 924.2 billion. The EBITDA margin improved by 2.2 percentage points to 53.7%, driven by efficiency gains. MTN Uganda’s Expense Efficiency Program generated UShs 39.3 billion in savings, helping to limit operating expense growth to 8.4% at UShs 800.1 billion.
MTN Uganda continued to expand its customer base, adding 10.2% more subscribers to reach 22.8 million users. In the first six months of 2025, the company invested heavily in network expansion, with capital expenditure hitting UShs 279.7 billion including IFRS 16 leases, or UShs 219.7 billion excluding leases. This represented a 12.8% capex intensity.
Key investments included the rollout of 355 new sites and a significant 52.9% increase in fibre coverage to 18,510km. These upgrades enhanced both 4G and 5G population coverage, improving internet speeds and reliability for customers across the country.
MTN Uganda’s total assets grew by 2.8% to UShs 4.8497 trillion during the period. Return on equity (ROE) stood at 41.9%, slightly lower than last year’s 50.7% due to the tax settlement impact.
The company’s board approved a first interim dividend of Shs 10.0 per share, up 51.5% from Shs 6.6 in the same period last year. The dividend amounts to UShs 223.9 billion, with a book closure date set for 1 September 2025 and payment scheduled for 19 September 2025.
MTN Uganda’s management reaffirmed their commitment to expanding digital and financial inclusion in Uganda. They said ongoing investment in high-speed networks, fintech solutions, and cost efficiency would keep the company on a growth path in the second half of the year.
